Cracker Barrel raises 2012 profit outlook

By @ibtimes on

Cracker Barrel Old Country Store Inc raised its full-year profit forecast encouraged by higher sequential customer traffic at its restaurants during the first quarter.

Excluding proxy charges, the casual dining chain now expects to earn $4.10-$4.25 per share for the full year, higher than its previous forecast of $4.05-$4.20.

Analysts on average were expecting the company to earn $4.10 per share, according to Thomson Reuters I/B/E/S.

The restaurant chain recently adopted a shareholder rights plan to put the brakes on a likely takeover attempt by activist investor Sardar Biglari.

For the first quarter, Cracker Barrel said it expects to post earnings of $0.99-$1.04 cents a share on revenue of $598.4 million.

Analysts were expecting earnings of 90 cents a share on revenue of $603.2 million.

Shares of the Lebanon, Tennessee-based company closed at $42.93 on Friday on Nasdaq.

(Reporting by Meenakshi Iyer in Bangalore; Editing by Don Sebastian)

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